Is it worth going LTD?

[sparksburnout]

"too"

 

[akwoody2]

"too"

Thanks for the input on the topic.

 

[sparksburnout]

Thanks for the input on the topic.

That's OK, and it's FOC, even better!

 

[rolyberkin]

I bet most people on here who are employed PAYE and also a have part time business are consistently paying more in tax than those who are fully self employed. I base this on being employed and PAYE for many years whilst my other half was self employed both as a sole trader and as the director of a Ltd company. The NHS or morals doesn't really come into it, otherwise we could start discussing why I don't get tax relief on my private medical insurance which costs me a fortune every month!

 

[akwoody2]

That's OK, and it's FOC, even better!

I bet most people on here who are employed PAYE and also a have part time business are consistently paying more in tax than those who are fully self employed. I base this on being employed and PAYE for many years whilst my other half was self employed both as a sole trader and as the director of a Ltd company. The NHS or morals doesn't really come into it, otherwise we could start discussing why I don't get tax relief on my private medical insurance which costs me a fortune every month!

Well put! I did want to reply with something similar but couldn't be bothered but I'm glad you could be. I do indeed pay a large amount through PAYE.

 

[sparksburnout]

Come on then I can't resist it, why do you think you should get tax relief on private medical insurance premiums??

 

[Leesparkykent]

Can this be kept on subject please. The OP has asked a reasonable question and is looking for advice from members who are or have been in a similar situation.

 

[Octopus]

Well .... Maybe but we are sparks, not accountants

 

[Hellmooth]

Well .... Maybe but we are sparks, not accountants

He isn't asking the advice of an accountant though.......but that of fellow sparks who have went down this route......

 

[GMES]

Ok Lads let's move on and keep it on track please, we're supposed to help each other out here.

 

[Hellmooth]

It seems most threads get taken off track by irrelevant comments......

 

[Octopus]

He isn't asking the advice of an accountant though.......but that of fellow sparks who have went down this route......

Well ... so far nobody seems to have done the same!

 

[rolyberkin]

To get it back on track, I am in a similar position to you and am prepping for full out self employment in Oct 2017. Currently I am a sole trader but have a dormant Ltd company registered ready for when I go fully self employed. I am early doors so still have massive overheads so sole trader suits me. Ltd company has advantages of separating your business and private life. Check out www.bytestart.co.uk/limited-company-advantages.html

 

[akwoody2]

To get it back on track, I am in a similar position to you and am prepping for full out self employment in Oct 2017. Currently I am a sole trader but have a dormant Ltd company registered ready for when I go fully self employed. I am early doors so still have massive overheads so sole trader suits me. Ltd company has advantages of separating your business and private life. Check out www.bytestart.co.uk/limited-company-advantages.html

Thanks for the link, I'll take a look at lunch.

 

[Andy C]

This is an interesting topic. I too am in a very similar situation to woody. I am 54 and have a good pension giving me about 21.5k a year so am returning to the trade but don't want to start paying 40% tax so am trying to limit my earnings to no more than 20K for safety sake.

I too may decide to go Ltd if I decide to do it full-time again.

All info is greatly appreciated because the info and help I have had off here is invaluable.
So thanks guys and ladies it all helps.